#比特币市场动态 Seeing the new risk alerts from the seven major financial associations, I actually feel quite calm.

In the twelve-year policy cycle, we have seen such scenarios many times. The 2013 definition of "virtual goods," the 2017 ICO ban, the 2021 power outages at mining farms—each time, it’s like a market stress test. Each time, there are people panicking, but historical data tells us a different story.

What’s different this time is that the regulatory focus has shifted from the trading itself to the hottest concepts today, such as stablecoins and RWA. Essentially, this reflects that risk is accumulating at a certain node. What we need to understand is: **Regulation often appears at the peak of enthusiasm; it is a protective mechanism, not a sign of ending.**

Looking back, except for 2013 when that bull market was directly ended, every subsequent strong intervention did not change Bitcoin’s long-term upward trend. The support forces in the market are now completely different—Wall Street ETFs, global institutional entry, and the building of consensus outside the Eastern markets.

For truly prudent investors, the most important thing at this moment is: **Review your position allocation, clarify the sources of risk, and maintain a long-term mindset.** Don’t be hostage to short-term market emotions. Historical data has clearly shown that storms change the sailing course but cannot alter the direction of the tide. Strictly follow local laws, do your asset allocation homework well, and leave the rest to time.